Abstract: 65, 130, and 160 mT transverse static magnetic field (TSMF) were introduced into the electroslag remelting (ESR) process to investigate the evolution of eutectic carbide morphology and mechanical property of M2 high speed steel. The application of TSMF induces the homogenization of the temperature field and reduces local solidification time, thereby inhibiting the non-heterogeneous nucleation and the growth of eutectic carbides. According to the result of electron back scatter diffraction (EBSD), as TSMF is applied and magnetic flux density (MFD) increases, the orientation of carbides becomes increasingly diverse and discontinuous. The results indicate that the application of TSMF leads to the refinement and dispersion of carbides, with the effect becoming more pronounced as the MFD increases. It enhances the wear resistance and hardness of ingots. The wear resistance significantly improved, with the maximum wear depth decreasing by 26.2% (9.54 to 7.04 μm) and the total wear volume dropping by 20% (2.75 × 10⁷ to 2.20 × 10⁷ μm³). Concurrently, the material’s hardness increased from HRC 49.9 to 55.4. The overall results reveal that the presence of TSMF is beneficial for eutectic carbide morphology, thus achieving considerable improvement in mechanical properties of M2 high-speed steel ingots.